HomeMy WebLinkAboutBy-law 3387 THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-lAW NUMBER 3387
A By-law to authorize the issue of
Debentures in the principal amount
of $10R, O00 to pay part of the cost
of constructing certain works.
WHEREAS the Council of The Corporation of the Township
of Picketing has heretofore constructed a new Municipal Office,
located on Lot 18, Concession 1;
AND WHEREAS the total cost of the said work, after
the deduction of grants and contributions in respect thereof,
amounts to $297,396,32 all of which is to be borne by the
Corporation;
AND WHEREAS $195,396.32, being part of the moneys
required to pay the cost of the said work, is being raised
by the issue of a Debenture under the provisions of The
Municipal Works Assistance Act;
AND WHEREAS it is now desirable to raise a further
part of the moneys required to pay the cost of the said work
by the issue and sale of Debentures of the Corporation in the
principal amount of $102,000.00 bearing interest at the rate
of 7-1/2% per annum, which is the amount of the debt intended
to be created by this By-law.
NOW THEREFORE, the Council of The Corporation of the
Township of Picketing enacts as follows:
1. THAT for the purpose aforesaid money shall be borrowed
on the credit of The Corporation of the Township of Picketing
at large by the issue and sale of Debentures of the said
Corporation in the principal amount of $102,000.00. The said
Debentures shall bear interest at the rate of 7-1/2% per annum
payable annually on the 15th day of December in each year of
the currency of the Debentures and coupons shall be attached
to the Debentures for the payment of such interest.
- 2 -
2. THAT the said Debentures shall be dated the 15th
day of December, 1967 and shall be payable in twenty annual
instalments of principal on the 15th day of December in each
of the years 1968 to 1987, both inclusive, and the respective
amounts of principal and interest payable in each of such years
shall be as set forth in Schedule "A" hereto.
3. THAT the said Debentures shall be payable as to both
principal and interest in lawful money of Canada at the Canadian
Imperial Bank of Commerce in Picketing, Ontario, or at the
principal office of the said Bank in either of the Cities of
Toronto or Montreal, at the holder's option.
4. THAT the said Debentures shall be sealed with the
Seal of the Corporation and signed by the Head of the Council,
or by some other person authorized by By-law to sign the same,
and by the Treasurer. The said interest coupons shall be
signed by the Treasurer and his signature thereon may be written
or engraved, lithographed, printed or otherwise mechanically
reproduced. The signature of the Head of the Council may be
written or engraved, lithographed, printed or othe~wise mechani-
cally reproduced, and, if such Debentures are countersigned in
writing by the Deputy Treasurer, the signature of the Treasurer
may be written or engraved, lithographed, printed or otherwise
mechanically reproduced.
5. THAT there shall be levied and raised in each of the
years 1968 to 1987, both inclusive, by a special rate sufficient
therefor over and above all other rates, on all the ratable
property in the Municipality, at the same time and in the same
manner as other rates, the aggregate amount of principal and
interest falling due on the Debentures in such year, ss set out
in the fourth column of Schedule "A" attached hereto.
6. THAT the said Debentures may contain a clause providing
for the registration thereof pursuant to Section 323 of The
Municipal Act.
7. THaT Schedule "A" attached hereto is hereby declared
to be and to form part of this By-law.
READ a first and second time this 16th day of October,
1967.
READ a third time and finally passed this 4th day of
December, 1967.
THE CORPORATION OF THE TOWNSHIP 0F PICKERING
BY-LAW NUMBER 3387
SCHEDULE "A"
TOTAL
YEAR _ PRINCIPAL INTEREST., ANNUAL PAYMENT
1968 $ 2,000.00 $ 7,650.00 $ 9,650.00
1969 3,000.00 7,500.00 10,500.00
1970 3,000.00 7,275.00 10,275.00
1971 3,000.00 7,050.00 10,050.00
1972 3,000.00 6,825.00 9,825.00
1973 3,000.00 6,600.00 9,600°00
1974 4,000.00 6,375.00 10,375.00
1975 4,000.00 6,075.00 10,075.00
1976 4,000.00 5,775.00 9,775.0O
1977 5,000.00 5,475.00 10,475.00
1978 5,000.00 5,100.00 lO, lO0.O0
1979 5,000.00 4,725.00 9,725.00
~98o 6,000.00 4,350.00 10,35o.oo
1981 6,000.00 3,900.00 9,900.00
1982 6,000.00 3,450.00 9,450.00
1983 7,0oo.o0 3,000.00 10,0o0.o0
1984 7,0o0.o0 2,475.00 9,475.00
1985 8,000.00 1,95o.oo 9,950.00
1986 9,000.00 1,35o.oo lO,35o.oo
1987 9,000.00 675.00 9,675.00
$1o2,oo0.o0 $97,575.00 $199,575.0o